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Comparative Market Analysis (CMA) Explanation

The following pages graphically illustrate the comparable properties that closely match your property’s characteristics. These properties will help to find a fair market value for your property and help decide the proper listing price for your home.

Fair Market Value Has Been Defined As:

The highest price estimated in terms of money which the property will bring when the property is exposed for sale in the open market by a willing seller, allowing time to find a willing buyer, neither buyer nor seller acting under compulsion, both having full knowledge of all the uses and purposes to which the property is adapted and for which it is capable of being used. This market value definition presupposes perfect knowledge on the part of the buyer and seller. Since this perfect world rarely exists, our estimate of price is generally indicated as a range. In evaluating your property I have used many of the tools that a professional appraiser utilizes: comparable sales, competitive listings in escrow, square footage, location, amenities, and the general condition of the property. I have also considered the effect of any existing financing on the property.

In addition, I have considered the following factors:

  1. Successfully Sold: These are properties whose selling price reflects what qualified buyers most recently paid for properties comparable to yours.
  2. Failed to Sell (Expired or Cancelled): These are properties which were recently "for sale" but did not sell. Listing prices of these properties suggest what the marketplace was unwilling to pay.
  3. Pending Sales: Are properties currently under contract but have not yet closed. Pending listings can be useful in determining listing prices that produced buyer’s offers at that time.
  4. Competitive Active Listings: Properties with which your property will compete in the market. Since they have not yet sold, their market value is not yet determined.

IIt is often thought that "market value" is the same as "appraisal value," but this is not necessarily so. Appraisers take one of several approaches to valuing real estate primarily to establish adequate value for financing purposes. Often they do not have day-to-day knowledge of local market conditions. Just as important as knowing what has sold, is knowing what has not sold and why. Usually this comes only from professionals who are in the market place and make it their business to know the details that don’t show up in the public records (and are not normally considered by appraisers).

The enclosed data was researched from the reliable information currently available from the local Association of Realtors, local real estate firms, and title companies. It does not reflect every property of comparable value for sale now, but does represent a good cross section of the competitive real estate inventory and recent sales.